Table 10-1
Aggregate Quantity
Aggregate Quantity
?
Demanded
Supplied
Price
(billions)
(billions)
Level
$3500
$2900
65
3400
3000
75
3350
3150
90
3250
3250
110
3100
3400
130
In Table 10-1, what is the equilibrium level of real output and the equilibrium price?

Suppose that the economy is producing below potential GDP and the Fed implements the correct change in monetary policy, but not until after the economy has passed the trough of the recession. Then

A) the Fed's contractionary policy will result in too large of a decrease in GDP. B) the Fed's expansionary policy will result in too large of an increase in GDP. C) the Fed's expansionary policy will result in too small of a decrease in GDP. D) the Fed's contractionary policy will result in too small of a decrease in GDP.

All of the following shift an industry's labor supply curve EXCEPT changes in

A) market wages offered in other industries. B) the demand for the final product. C) job flexibility. D) working conditions.